How inflation of 18% under Biden Is decimating Americans | Eastern North Carolina Now

Deficit spending leads to higher costs for nearly everything.

ENCNow

 November 20, 2023

Bob Unruh, writing at WND reports:

Joe Biden is running for re-election to the White House on his Bidenomics. That’s what he calls his economic policies. His critics prefer to call it Bidenflation. The actual numbers behind that agenda shows they are anything but positive for Americans.

In fact, rent has exploded by more than 20% under Biden’s practices, monthly mortgage payments are up by a shopping $696 and food and other basics are up by equal percentages.

In short, it’s costing American families thousands of dollars a year more, just to keep the same food on the table, drive the same type of car and live in the same type of home as when Biden was elected.

“I wouldn’t count on prices broadly declining,” explained Moody’s chief economist, Mark Zandi, in a report in the New York Post.

Some of the facts that Americans see in their monthly expenditures, even if Biden, living in the White House while maintaining a presidential residence in Wilmington, Delaware, and a nearby luxurious beach home, doesn’t.

Rent.com is reporting that the media monthly asking rent last month was $2,011. Just three years earlier, before Biden, it was $1,667.

The American Community Survey reveals that the average monthly mortgage in 2020 was $1,621. Now it’s $2,317, for a nearly $43% hike. In 2020 a new car averaged $41,152, now it’s $48,008. Gasoline? Was $2.14 as Biden was preparing to move into the White House, now it’s $3.35.

The Post reported, “President Joe Biden this week spun the latest inflation numbers as good news for Bidenomics — cheering that October’s Consumer Price Index climbed a slightly less-than-expected 3.2% from last year.”

But the reality for consumers isn’t the 3.2% rate announced in October, it’s the “blistering” 18.2% hike since Biden took office.

The report noted eggs are up 47%, coffee up from $4.52 to $6.18, staples overall were up 33% with white bread up from 50 cents to $2, and increases of 22% for chuck, bacon, sirloin and chicken.

The Post said, “Meanwhile, President Joe Biden has been pushing his Bidenomics agenda that has consistently claimed to ‘reduce the [government’s] deficit’ despite recently-released Treasury data showing the red ink has doubled over the past year, from about $1 trillion to $2 trillion (yes, with a ‘T’).”

The results are inevitable. CNBC reports as of October, 60% of adults said they are living “paycheck-to-paycheck.”

“Overall, 4 in 10 consumers consider themselves worse off relative to 2022,” the report said. “Even as credit card debt tops $1 trillion, almost all — or 96% — of shoppers said they expect to overspend this season, according to a separate TD Bank survey.”

Three in four Americans say they are stressed about finances, and households have been tapping into their savings just to pay monthly bills.

““While consumers have found a way to manage through inflation, it’s concerning that many plan to tap into savings, and even exceed their budgets, to finance their holiday purchases, which may leave them vulnerable to an unexpected emergency,” said Alia Dudum, LendingClub’s money expert.

Commentary

While it is obvious that what WND reports is factually true we would add that the “rest of the story” is the deficit spending that both parties, as well of the Trump presidency, have engaged in over a number of years.  Much of this inflation is the direct result of deficit spending by both parties in Washington, D.C. 

Moreover, as inflation sours the cost of consumer goods and services increase.   Many consumers are not able to pay the higher costs so they resort to credit cards to make ends meet.  ChatGPT reports:

Over the past year, credit card debt has surged by $100 billion, marking a 13% increase—the largest percentage rise in more than two decades1. This upward trend in credit card balances is concerning, especially considering that credit cards typically charge high interest rates when balances aren’t fully paid off. As a result, this form of debt can become quite expensive for consumers1Additionally, a recent report from the New York Federal Reserve reveals that total consumer credit debt now exceeds $1.03 trillion, surpassing pre-pandemic levels of $806 billion2. These figures underscore the financial challenges faced by individuals and highlight the importance of managing credit responsibly.

Of course the problem comes when the debt becomes such a burden that "the chickens come home to roost."

 

 


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Big Bob said:
( February 2nd, 2024 @ 6:04 pm )
 
Check around, even Fox News is saying the economy is good. Better stick with smiting the gays.



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